Overview
(August 2, 2023, Washington, DC) – Steptoe & Johnson is advising client, PROOF Acquisition Corp I (NYSE: PACI), a special-purpose acquisition company, on its $261 million merger with full-service private aviation company, Volato, Inc. The combined company is expected to trade under ticker symbol "SOAR" and will adopt Volato as the corporate operating brand. The transaction is expected to close this year, subject to the approval of both companies' stockholders, among other customary closing conditions.
PACI is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company focused its search on several industries including enterprise software, health care, financial technology, and consumer sectors. The company is led by Chief Executive Officer John Backus.
The Steptoe team was led by partners Scott Fisher and Lisa Zarlenga; and included partner Lauren Azebu, of counsel Danielle Fern, and associates Irene He and Claire Parker.
Visit Law360 for further coverage about the transaction.
About Steptoe
In more than 100 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and other professional staff across offices in Beijing, Brussels, Chicago, Hong Kong, London, Los Angeles, New York, San Francisco, and Washington. For more information, visit www.steptoe.com.
